Precision Group acquires J V Clancey Precision Components

Pune, Dec 28 (UNI) India's largest manufacturer of camshafts, Solapur-based Precision Group today announced that they have made a 100 per cent acquisition of J V Clancey Precision Components Pvt Ltd (CPCPL) from the UK-based G Clancey.

Addressing a press conference here, the MD of Precision Group, Mr Yatin Shah said that he has already bagged prestigious long term orders worth Rs 25 crore from Global Auto Giant's BMW and Porsche.

Post-acquisition he was targetting a turnover of Rs 125 crore in the fiscal '07-'08 from the passenger car segment alone, he disclosed.

''With potential customers like General Motors, Hyndai, Ford, Daimler-Chrysler, Fiat, Peugeot, Nissan, Fiat and other auto giants, it was possible to achieve a targed of manufacturing 12 million camshafts,'' he said.

In reply to a query, Mr Shah explained that since his company was not listed, he was unbale to divulge any figures regarding the acquisition and observed that the company had far more liabilities than assets.

To another query, he disclosed that he was likely to get land in Uttaranchal and Chennai. However, the foundry will be at Solapur only, he assured.

''I am going with current technology but am investing in research and develoment. I am looking at raising Rs 100 crore from the private equity fund'', he said.

Mr Shah revealed that his company has 85 per cent market share in the domestic market and is already in business with Tata's, Maruti and other autogiants.

The company manufactures fully finished camshafts from chilled cast iron as well as forging, and steel bar stock, chilled cast iron being their core competency.

UNI DWN WD SKB1637